http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc
I’m about to head out, but I thought some late nighters would like this for a read.
any opinions?
cheers
Wow; that is scary. Where is it going to stop?
Even if you bought one you may not get a renter (that can pay the rent).
I suppose at those prices the holding costs would be minimal and you could afford to be very choosy about the tenants.
I think you would need to be very brave to invest there with the hope of things to improve in the future.A friend of mine moved back to Monroeville in Pittsburgh from L.A a few months ago (he already regrets it – minus temps all the time).
The story is similar but not as bad there; house prices are going slowly backwards. At least houses are still going for over $100k there.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Its tempting, but maybe not so smart
Yes its cheap, makes you wonder what will happen to our mining towns if (or when, if ever), the resource boom slows.
Detroit is a big place I imagine, and a change in industry has bottomed RE values, I wonder how things will go in Victoria if we run out of water..
[cap]
Wow interesting article, good find & supply,
Hmm can be viewed as a great opportunity for long term investing, certainly not for the short term > High unemployment, low morale, dimishing business cocktail for disaster or keen edge investor to hit while prices spiral down and hold for the up turn.[cigar]
Interesting reading all the same
Yep, one day it will climb (one can hope that Detroit will become center of the world for carbon credits [biggrin])
Prices can be so unbelievably low that it would seem ludicrous to buy.
I remember the days when the land beside the rural airport at Phillip Is. VIC was 5k a block and unsellable only 10 years ago.
NOW…
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